Professor Wendy Smith has been offered the following opportunity A law firm would like to retain her for an upfront payment of $49,000 In return, for the next year the firm would have access to eight hours of her time every month As an alternative payment arrangement, the firm would pay Professor Smith's hourly rate for the eight hours each month. Smith's rate is $535 per hour and her opportunity cost of capital is 15% per year What does the IRR rule advise regarding the payment arrangement? (Hint Find the monthly rate that will yield an effective annual rate of 15% ) What about the NPV rule? GRO The annual IRR is %. (Round to two decimal places)